The Norway Model

David Chambers, Elroy Dimson

Research

17 Pages

The authors examine Norway’s Government Pension Fund Global as a transparent, low cost alternative to the Yale model. They argue that disciplined governance, public market exposure, and commitment to strategic allocation helped the fund withstand the financial crisis and recover its losses by 2010.

Key Takeaways

Disciplined Allocation: The fund maintained a strategic mix of 60% equities and 40% fixed income despite severe market turbulence.
Crisis And Recovery: The fund lost 23.30% in 2008 before gaining 25.62% in 2009.
Efficient Management: From 1998 through June 2011, the fund returned 5.03% annually with management costs near 0.10%.
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